Eco World Development Group Berhad (ECOWLD) has surpassed its FY24 sales target of RM3.5b within the first nine months. Its core net profit within the same period grew 18% on better property sales and the turnaround of 27%-owned Eco World International Bhd (EWINT).
ECOWLD’s 9-month core net profit of RM220.1m came in at 77% and 79% of the full-year forecast and the full-year consensus estimate, respectively.
Year-on-year, its 9MFY24 revenue increased by 17% due to higher contributions from active and newly launched phases. Its core net profit grew slightly higher at 18% due to higher gross margin (27.2%, +0.9 ppts) following lower costs incurred during the tail-end of completed and near completion projects.
